The positive impact of the financial sector on society and the UK economy

The positive impact of the financial sector on society and the UK economy

Andrew Griffiths, Economic Secretary to the UK Treasury, writes in the magazine The new statesman An appeal to the British financial sector for its positive impact on society. Not only because of its contribution to the economy, which is essential to maintaining well-funded public services, but because financial activity itself prefers to cover risks that could cause serious harm to individuals if they materialize (i.e. insurance premiums). Housing insurance) provides credit, savings, investment or payment solutions for all levels of income and institutions, favors the development of personal and commercial projects and has a positive impact on social well-being.

• The financial services sector plays a crucial role in the proper functioning of public services through its contribution to economic development. The contribution of this sector to the economy of this sector, directly or indirectly, represents 12% of the gross domestic product, which represents an essential contribution to the public income necessary to develop public services (according to the article, the sector’s contribution can be equivalent to half of the budget) allocated to the National Health Service. ).
• Financial services are available to everyone. It is not a matter of wealth. Financial services also benefit those with “modest” incomes, despite the widespread belief that this is not the case. For example, the financial sector has historically contributed to the spread of risk, since the Great Fire of London in 1666, after which insurance policies and the payment of insurance premiums were born. But also providing solutions for families and businesses to develop projects that benefit the entire community.
• The success of the city is critical to the economy. Many countries are competing to reach the leadership position achieved by the United Kingdom. The ongoing legislative reforms will provide improvements for investors, savers and pensioners, but also aim to maintain this leadership position. For Andy Griffiths, the British government's vision is to maintain the UK as the place where business is done globally. Our vision for the UK is to be the place the world comes to do business.